Harsha Engineers IPO

Harsha Engineers IPO | Review

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Harsha Engineers International Limited has come up with an initial public offer (IPO). It will open on September 14-16, 2022 at Rs. 314-330 a share. The IPO issue size is around Rs.755.00 crore. The minimum bid will be for 45 shares and in its multiples thereafter.

Overview

Harsha Engineers Ltd is the largest manufacturer of precision bearing cages, in terms of revenue, in organised sector in India. It is amongst the leading manufacturers of precision bearing cages in the world. The company offers diversified suite of precision engineering products across geographies and end-user industries. Its business comprises: (i) engineering business, under which we manufacture bearing cages (in brass, steel and polyamide materials), complex and specialised precision stamped components, welded assemblies and brass castings and cages & bronze bushings; and (ii) solar EPC business, under which we provide complete comprehensive turnkey solutions to all solar photovoltaic requirements. 

Harsha Engineers have approximately 50-60% of the market share in the organised segment of the Indian bearing cages market and 6.5% of the market share in the global organised bearing cages market for brass, steel and polyamide cages. It offers a wide range of bearing cages & these bearing cages find its application in the automotive, railways, aviation & aerospace, construction, mining, agriculture, electrical and electronics, renewables sectors etc.

Website http://www.harshaengineers.com/

Promoters

Rajendra ShahHarish Rangwala
Vishal RangwalaPilak Shah

Promoter Holding

Pre-Issue Shareholding – 99.70%Post-Issue Shareholding – 

Strength & Weakness

StrengthsWeaknesses
Offers diversified engineering productsDepend on a limited number of customers
Domestic and international production facilitiesDependent upon our network of agents
Expertise in Tooling, design development and automationForeign currency exchange rate fluctuations
Consistent track record of growth and financial performanceDepend on 3rd parties for the supply of raw material
Strong, experienced and dedicated senior management teamOutstanding litigations involving our Company and our Directors
Market leadership in bearing cageStrict quality requirements, customer inspections and audits
Qualified workforceSubject to costs, risks and uncertainties

Company Financials

YearRevenue (in Crore)Profit (in Crore)
31-Mar-2019117.91-27.41
31-Mar-2020899.5121.91
31-Mar-2021876.7345.44
31-Mar-20221339.0091.94

Object of Issue

1) Offer for Sale by the Selling Shareholders

2) Pre-payment or scheduled repayment of a portion of the existing borrowing availed by our Company

3) Funding capital expenditure requirements towards purchase of machinery

4) Infrastructure repairs and renovation of our existing production facilities including office premises in India

5) General corporate purposes.

Harsha Engineers IPO Lot Size

ApplicationLotSharesAmount
Minimum145Rs,14,850
Maximum13585Rs.1,93,050

Harsha Engineers IPO details

IPO Opening Date September 14, 2022
IPO Closing Date September 16, 2022
Face Value Rs.10 per Equity Share
IPO Price Rs. 314-330 per share
Market Lot 45 shares
Minimum Order Quantity 45 shares
Listing At NSE, BSE
No. of shares offered (OFS)shares
Issue Size Up to Rs.700 Crore
QIB Shares Offered 50% of the offer
Retail Shares Offered 35% of the offer 
NII/HNI Shares Offered 15% of the offer 

Harsha Engineers IPO Timetable

IPO DateSeptember 14-15, 2022
Allotment DateSeptember 21, 2022
Initiation of RefundsSeptember 22, 2022
Credit of share to Demat a/cSeptember 23, 2022
IPO Listing DateSeptember 26, 2022

Allotment Status

Link Intime – https://linkintime.co.in/mipo/ipoallotment.html

Book Lead Managers

Registrar

About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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